Fannie Mae Energy Improvement Feature, Whither Art Thou?

Late last year Fannie Mae rolled out a new product, its Energy Improvement Feature (EIF).  The EIF replaced the Energy Efficiency Mortgage.  On paper, the EIF seems to be a significant improvement, allowing up to 10% of the completed appraised value of the home to be for energy upgrades, up from the previous 5% cap.  So far, lenders in Arkansas seem clueless about the new program.  Is there a problem with the EIF, or a problem with Fannie Mae's promotion of the program, or what?  These refinance transactions should be flying off the shelf.  Clues, ideas, personal experience?

Views: 59

Reply to This

Replies to This Discussion

Given the paltry penetration of federal products over the years - FHA wrote only 1,006 EEMs in 2007 - poses at least two possible interpretations.  The Feds are removed and unable to effectively drill down to localities and/or these programs are merely window dressing to convey the impression they are making a contribution they are, in fact, not really that keen on.

Dorian, thanks for the feedback.  You may be right about the Fed lack of interest.  What struck me about the new Fannie Mae instrument is that lenders don't know about it.  In business, if you roll out a new product, you market the hell out of it, right?  If you want to be successful, that is.  I first learned about the Energy Improvement feature from RESNET about 5 months after the program was introduced.  I made contact with some bankers and lenders, and it was news to everyone I spoke with.  How hard is it to send an e-mail blast to your clients?  Fannie Mae could have made that program national news if they half tried. 

If anyone has actually used this Fannie Mae instrument, I would love to hear about it.

RSS

Home Energy Pros

Home Energy Pros was founded by the developers of Home Energy Saver Pro (sponsored by the U.S. Department of Energy,) and brought to you in partnership with Home Energy magazine.

Latest Activity

Profile IconJuan Roca and Elizabeth Coe joined Home Energy Pros
5 hours ago
Casey Gesell posted videos
5 hours ago
Gerald Shechter posted videos
5 hours ago
Hal Skinner replied to Hal Skinner's discussion An example of what an RCC can do with no R- insulation in the walls.
"Bret,  here are the 2 reports I referred…"
7 hours ago
Craig Foley shared George Kopf's discussion on Twitter
8 hours ago
Jan Green replied to George Kopf's discussion Real Estate Professionals need our support - but how?
"Craig, I like your thinking!  With my new broker, I've been able to communicate more…"
8 hours ago
Craig Foley replied to George Kopf's discussion Real Estate Professionals need our support - but how?
"Thanks Jan, your insight, as always, is invaluable. Your suggestions regarding a top down approach…"
8 hours ago
Hal Skinner replied to Hal Skinner's discussion An example of what an RCC can do with no R- insulation in the walls.
"Brett, you just asked the million dollar question when it comes to OUR coating. Now I will let the…"
8 hours ago

© 2014   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service